Audit & Accounting

The Financial Reporting Review Panel, one of Britain's audit watchdogs, released its first report into the United Kingdom's accounting principles, saying it found "no evidence of systemic weakness."

The former vice chairman of Cendant Corp. was sentenced to 10 years in prison and ordered to pay $3.27 billion to the hotel franchise and travel company for his role in an accounting scandal at Cendant's predecessor, CUC International.

The administrators of a Utah college savings plan have settled with the Securities and Exchange Commission for issuing false and misleading information, though the fund's former director will be charged with misappropriating funds.

Federal prosecutors have notified as many as 20 former partners at Big Four firm KPMG LLP that they may face criminal charges for selling illegal tax shelters.

The Securities and Exchange Commission's advisory committee on smaller public companies has published a series of questions to solicit public input from investors and companies on ways to improve the current regulatory system for smaller companies and to examine the impact of the Sarbanes-Oxley Act of 2002.

Tax information providers CCH and RIA both released comprehensive explanations and practical analyses of the tax provisions contained in the Energy Policy Act of 2005 and the Safe, Accountable, Flexible and Efficient Transportation Equity Act of 2005.

Software manufacturer Computer Associates International Inc. has hired Marc Loupé, formerly a vice president of finance with Sun Microsystems, as a senior vice president and internal audit head.

Tax preparation giant H&R Block Inc. has said in a filing with the Securities and Exchange Commission that it overstated net income for 2003 and 2004 by $91.1 million, due mostly to accounting errors.

Tax preparation giant H&R Block Inc. will acquire the Tax & Business Services division of American Express, creating a combined firm with more than 5,000 employees and generating more than $1 billion in annual revenue.

California Republican Rep. Christopher Cox will serve as the new chair of the Securities and Exchange Commission, after the Senate confirmed President Bush's pick alongside Democrats Roel Campos and Annette Nazareth, who will round out the five-member panel.